Lloyds to hold its stake in St James’s Place July 28, 2010 LLOYDS BANKING GROUP yesterday said it would keep its 60 per cent share in St James’s Place (SJP) for the timebeing, extending uncertainty over the timing of an eventual sale. Lloyds said it had “no intention to sell down or dispose of its stake in St. James’s Place at this time”. Management hoped the announcement [...]
Rathbones keeps banking licence and grows profits July 28, 2010 LLOYDS BANKING GROUP yesterday said it would keep its 60 per cent share in St James’s Place (SJP) for the timebeing, extending uncertainty over the timing of an eventual sale. Lloyds said it had “no intention to sell down or dispose of its stake in St. James’s Place at this time”. Management hoped the announcement [...]
Brewin Dolphin investment fee income surges July 28, 2010 INVESTMENT management firm Brewin Dolphin saw income jump by almost a fifth over the third quarter of its financial year, though it warned the performance of the group going forward would be at the mercy of the financial markets. Brewin’s investment management revenue soared 27.5 per cent to £55.3m over the quarter, though this was [...]
Brit in talks after £850m Apollo offer July 28, 2010 BRIT INSURANCE is sounding out its largest investors after opening its books to US private equity house Apollo on the basis of a £850m indicative offer yesterday. Brit agreed to due diligence after Apollo raised its approach for the third time to £10.75 per share, just shy of the magic £11 per share touted by [...]
Independent FinnCap doubles revenue amid market turmoil July 28, 2010 FINNCAP, the broker chaired by private equity stalwart Jon Moulton, more than doubled its turnover over the last year after making strides in new client wins and completing a management buyout from its former parent JM Finn. FinnCap’s sales rose 56 per cent to £7.8m over the year to April, while the firm confirmed it [...]
WALT DISNEY BUYS PLAYDOM July 28, 2010 WALT Disney yesterday said it will acquire social gaming firm Playdom for $563.2m (£361m), as the young but fast-growing market for internet games on Facebook and other websites has exploded. The deal is set to provide stiff competition for other social gaming rivals such as Zynga.
Conoco says it will sell off Lukoil stake July 28, 2010 CONOCOPHILLIPS, the third-largest US oil company, yesterday said it will sell its entire stake in Russian oil major Lukoil in a bid to boost shareholder returns as it reported better-than-expected quarterly profit. The Houston company, which has a two-year plan to shrink debt by selling $10bn (£6.4bn) in assets, said it will sell 40 per [...]
Telefonica seals deal for Vivo July 28, 2010 Telefonica has won its battle for a bigger share of the burgeoning Brazilian telecoms market after raising its offer for Portugal Telecom’s (PT) stake in mobile operator Vivo to €7.5bn (£6.2bn). The long-sought-after takeover, a coup for Telefonica chairman Cesar Alierta, makes the group the biggest in Brazil whether measured by its 69.2m customers or [...]
BAA halves losses, but traffic falls July 28, 2010 AIRPORT operator BAA has narrowed its losses despite passenger numbers taking a hit from British Airways’ (BA’s) cabin crew strikes and the Icelandic volcano. The group, owned by Spanish infrastructure firm Ferrovial, halved its pre-tax losses during the first half of the year from £545.7m in 2009 to £279.7m, helped by lower one-off charges. BAA, [...]
Derwent London snaps up Central Cross for £146m July 28, 2010 LANDLORD and developer Derwent London said yesterday that it is stepping into the market for the first time in three years with the £146m purchase of a building in one of London’s busiest shopping streets. The deal indicates that banks slowly are beginning to sell real-estate assets that are weighing on their books. Derwent is [...]
